And that 1966 #1 pick made the All-Rookie team and played for 12 years averaging 15 points/game.

On an unrelated side note, Wikipedia apparently tracks NBA Draft picks who never played a regular season or playoff game. The record for highest draft pick since the 1970s never to play (non-tragic death division) is Fran Vazquez, drafted by the Magic 11th overall in 2005 but who decided to stay in Spain.